Definition(s)
Optimization
Selection of the most desirable combination of factors to meet a specified objective.
Source: IADC UBO / MPD Glossary, December 2011. Global Standards
Optimization
Application of OMS processes to improve activities as an enabler of higher output or efficiency versus input.
While an OMS is primarily considered as a framework to manage risk, an objective of OMS is also to improve the benefits for stakeholders, including the commercial success of the company.
Source: IOGP Report No. 510, Operating Management System Framework for controlling risk and delivering high performance in the oil and gas industry, International Association of Oil & Gas Producers, June 2014. Global Standards